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Treasury Secretary Bessent says a stock market decline won't deter the U.S. from taking strong action against China
- On October 9, China announced expanded export controls on five rare‑earth metals, requiring special approvals for rare‑earth magnets and certain semiconductor materials containing at least 0.1, surprising U.S. officials.
- Beijing framed the move as part of a multiyear effort to mirror U.S. export controls on semiconductors and boost bargaining power, calibrating rules to press for reciprocal relaxation and respond to President Donald Trump's tariffs.
- The regulations specify that China controls roughly 70 of the 17 rare earth elements and denies export licenses to firms linked to foreign militaries, risking delays in weapons for Ukraine.
- President Donald Trump threatened a 100% tariff on Chinese imports starting Nov. 1, while Scott Bessent, U.S. Treasury Secretary, said tensions had 'substantially de-escalated' and a meeting with Xi remains expected.
- The restrictions are pushing nations to explore alternatives in Central Asia, as Kazakhstan announced discoveries of more than 20 million metric tons and Pakistan signed a $500 million memorandum with US Strategic Metals.
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'China Vs World': US Seeks Group Response To Beijing's Rare Earth Move
US Treasury Secretary Scott Bessent on Wednesday reiterated Washington's desire to build a "fulsome group response" to Chinese export controls on rare earths, including proposed talks with Indian officials.
·New Delhi, India
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Sydney Morning Herald+3 Reposted by 3 other sources
‘China v the world’: US calls on Australia in rare earths fight with Beijing
As he arrives in Washington, Treasurer Jim Chalmers will be asked to join a US-led fight against China’s latest attempts to control global supplies of critical minerals.
·Sydney, Australia
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China restricts the export of rare earths. Europe is increasingly having problems getting to these raw materials. An expert finds "panic" appropriate.
Coverage Details
Total News Sources42
Leaning Left6Leaning Right12Center13Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 19%
C 42%
R 39%
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